Singapore and the European Union (EU) have signed a partnership settlement to drive collaboration throughout a number of areas within the cross-border digital financial system. These embrace digital funds, trusted information flows, 5G, synthetic intelligence (AI), and digital identities.
The EU-Singapore Digital Partnership offers an “overarching framework for all areas of bilateral digital cooperation” between the 2 companions, in response to a joint assertion launched Wednesday by Singapore’s Ministry of Commerce and Trade, Ministry of Communications and Info, and Infocomm Media ImprovementAuthority.
The settlement additionally will embody efforts to drive digital upskilling for employees in addition to digital transformation of companies and public companies.
With the formalisation of the partnership, each side on Wednesday additionally signed the EU-Singapore Digital Commerce Ideas, which paves the best way in the direction of a legally binding digital commerce settlement between Singapore and the EU. The commerce rules will facilitate cross-border information flows, permitting for price financial savings with the usage of digital documentation and authentication, in addition to present shoppers with higher safety for on-line purchases.
The 2 companions will develop pilot tasks within the digitalisation and recognition of commerce administration and industrial paperwork, and e-invoicing to ease transactions and cut back price for companies.
Authorities officers from each side now will look to kick off additional collaboration in exchanging greatest practices and creating tasks throughout varied areas, together with AI governance, cross-border digital transactions, and digital identities. Efforts additionally will help digital transformation of their respective small and midsize companies (SMBs).
As well as, bilateral cooperation in digital infrastructures will embrace information centres and submarine telecommunications cables, as these are vital to facilitate cross-border connectivity. Either side additionally will drive the event and adoption of 5G applied sciences by use instances and potential collaboration in analysis and growth trials.
Within the space of cybersecurity, Singapore and EU will proceed to accomplice up within the safety certifications and requirements, together with mutual recognition the place acceptable.
Either side additionally will change info on the semiconductor provide chain to anticipate potential disruptions in addition to collaborate in analysis and cybersecurity testing for semiconductors.
Singapore’s Minister-in-charge of Commerce Relations S. Iswaran mentioned: “The EU-Singapore Digital Partnership strengthens connectivity and interoperability between the digital markets of the EU and Singapore. It would allow our individuals and companies to transact digitally extra seamlessly and at decrease prices.”
He added that the digital commerce rules would supply “authorized certainty” for cross-border digital commerce between each side.
Singapore, which has a free trade agreement with the EU since November 2019, counts the EU as its fourth-largest items commerce accomplice globally, with bilateral commerce clocking SG$102 billion ($77.57 billion) in 2021.
The EU is also Singapore’s second-largest overseas investor and second-largest companies commerce accomplice, with bilateral commerce in companies crossing SG$67 billion. It’s Singapore’s largest abroad funding vacation spot.
